The Risk Assessment tool lets your firm rate each client’s ML/TF risk as Low, Medium or High, and keeps a record of who made the determination and when. Before running your first assessment, set up your firm’s risk settings so they match your AML program. Let’s get started.
Press the Open AML Settings button
Record who your AMLCO is and whether they will sign off on entities rated High.
Turn on and set up your Notifications
Assign the level of risk to each item to match your program, or adapt the AUSTRAC Standard Profile, and hit Record. Review each rating before you start using the tool. These settings are your firm’s determination, so they need to match your AML program.
Fill in and confirm the details of Designated Services and Review Cycles as per your firm’s AML program. Leave Client-Facing Wording blank to use the standard questions sent to your clients. If you think the wording could be better, please let us know.
Once your settings are recorded, you can run a risk assessment from any client record. The rating is your firm’s determination; Seamlss records it and keeps the evidence trail for you. For more on the AML tools, see the AML Compliance Hub guide.
For the wider context on what the AML obligations mean for your firm, read Tranche 2 for accountants: what onboarding actually looks like, or see plans and pricing.
For an overview of how firms run risk assessments in Seamlss, see the AML risk assessment page.
